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19 International Journal of Scientific Research in Science and Technology
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International Journal of Scientific Research in Science and Technology
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Available online at: www.ijsrst.com
ARTICLEINFO ABSTRACT
Article History: In the context of post Covid 19 pandemic, This paper outlines What are
Cybersecurity risks? For online transactions? And What are suggestions
Accepted: 10 March 2024
for Protecting consumer interests in online transactions?
Published: 27 March 2024
By using analysis, experiences, observations, practical situation with cases
studies of our country-Vietnam, and also use qualitative, analysis, synthesis
research methods, this study suggest that When detecting that the account
Publication Issue:
has an abnormality or mistakenly transferred or received, consumers need
Volume 11, Issue 2
to contact the bank directly to solve it, do not bring it online to inquire,
March- April-2024
and do not send the OTP password to any individual request. Currently,
Page Number:
most banks use Smart OTP, biometric authentication..., customers should
352-360
also switch to this method, limit the use of receiving OTP passwords via
SMS to avoid being cheated. Second, to prevent online risks clients need
Not to provide personal information, bank account, OTP password,
Internet banking and mobile banking username and password for
strangers.
Keywords : Cybersecurity Risks, Threats, Online Consumers, Protection,
Suggestions
Copyright © 2024 The Authorfs): This is an open-access article distributed under the terms of the Creative 352 Commons
Attribution 4.0 International License (CC BY-NC 4.0) which permits unrestricted use, distribution, and reproduction in any
medium for non-commercial use provided the original author and source are credited.
Pham Anh Dung et al Int J Sci Res Sci & Technol. March-April-2024,11 (2): 352-360
Security), many targeted cyber attacks (APTs) have and industry, the importance of
robust cybersecurity defence
been conducted against computer systems, important
systems has been highlighted at
information systems of countries, enterprises, and the corporate, national and
economic groups, causing serious consequences on supranational levels. The impacts
economic security and business operations. of inadequate cybersecurity are
Challenges to network security, privacy, and estimated to have cost the global
economy USD 945 billion in 2020
information safety are always in a state of high alarm.
Information from the Ministry also said: that Vietnam
Gomesh & 2022 The internet brought a new
is in the top 10 countries suffering from cyber-attacks Deshmukh revolution to the financial sector
and dangerous malware infections, ranked 7th in the and it has changed the way of
number of victims of cyberattacks, and ranked 2nd operations in the last two
decades. Now, people have the
among countries, most infected with crypto-mining
option to carry out banking
malware. transactions from a place of their
(source: vnetwork.vn) choice without having to go to a
In the Draft Law on the identification of organizations nearby bank office. E-banking has
and individuals doing business in cyberspace, they become an integral part of the
banking system and has become a
include:
popular method of transaction for
- Organizations and individuals doing business by the majority of people. A user has
themselves or through online platforms having a wide range of options for
transactions in cyberspace with consumers, which we managing his money through
numerous internet banking
are now accustomed to calling e-commerce (online
methods. While internet banking
sales platforms). is an aid for customers, they still
- Business organizations and individuals set up, have to be vigilant to keep their
operate and provide online intermediary platform accounts safe from
cybercriminals and hackers, as
services to consumers.
everything on the internet is
We also summarize related studies: prone to security threats. Internet
security measures followed by the
Table 1- Previous studies
majority of the bank sites to
Authors Year Content, results protect their information are not
Williams et al 2020 Companies must implement up-to-date as compared to the
well-defined software upgrade dynamic cyber threats. Such
procedures, should use secure problems have made it easy for
networks like virtual local area confidential financial
networks, and conduct regular information to fall into the hands
penetration tests of their of third parties and
systems. By understanding cybercriminals. Although there
factors that make individuals, are several security measures to
health care organizations, and stop data breaches, there are still
employers more susceptible to flaws in these systems. The goal
cyberattacks, we can better of this study article is to look at
prepare for the next pandemic. the number of cyber security
Maleks Smith et al. 2020 issues in internet banking in
Globalisation, digitalisation and
India and the consumer’s
smart technologies have
escalated the propensity and
severity of cybercrime. Whilst it
is an emerging field of research
International loumal of Scientific Research in Science and Technology (www.ijsrst.com) I Volume 11 I Issue 2 355
Pham Anh Dung et al Int J Sci Res Sci & Technol. March-April-2024,11 (2): 352-360
awareness of these issues and Relevant regulations and experiences from European
preventive measures used by
countries also researched.
them. Our research is
particularly based on primary
data III. MAIN FINDINGS
Aseri 2021
Online shopping, and e- 3.1. Online transactions risks
commerce in general, have First risk is identity risk. Verifying the identity of a
gained popularity and provide
partner is not easy and can lead to illegal activities such
more convenient and less
as money laundering, forging documents. Online
stressful options transacting
online. Consumers can now transactions made when buyers and sellers do not know
each other so there are risks.
enjoy accessing products from
distant stores according to their
Second, risks in differences in culture, language,
preference, a factor that gives
payment habits, international law...
consumers the ability to choose
Third, risks from hackers. For instance, hackers can use
without considering distance
email or mobile to send sms messages to consumers in
and long queues. While online
shopping promises to be a better
which they played roles of banks and ask for consumer
option to the consumer, the
personal information such as bank account, username
channel is susceptible to threats,
and password of clients account, OTP password in
referring to elements that have
internet banking or mobile banking, etc...then they
the potential to inflict serious
harm on a user's privacy leading
steal money of clients easily. Or they can send link for
to data breaches and a
consumers to click then they steal money.
compromise of data security. As
a consequence consumers are
Fourth, so called cyber security risks.
Fifth, Using online payment, also known as electronic
uncertain on whether to trust
online shopping. This paperpayment, customers will receive many promotions,
includes information on thediscount codes of stores, buy cheaply so they can save
threats of online shopping and
costs.
highlights consumer
In case you go on a business trip away from home,
perceptions, including negative
consumer perceptions. travel and need to spend a lot of money. At this time,
The
paper provides awareness oncarrying cash in large quantities will not be safe due to
cyber security issues, including
the situation of pickpockets and robberies that are
ways online shoppers and
merchants can
difficult to control. With electronic payment, you only
protect
need a smartphone connected to the internet to be able
themselves from data breaches
and attacks through methodsto pay easily 24/7. In particular, personal information is
such as phishing and adware.
highly confidential, so customers are not afraid of being
(source: author synthesis and analysis) exposed.
In addition to e-wallets, users can pay online via
II. METHODOLOGY domestic and international bank transfers, etc.
Electronic payment systems can be hacked at any time
In this study, the authors choose analysis, experiences, if users do not have good security or follow security
observations, practical situation with cases studies of regulations.
our country-Vietnam, but it also uses will use
qualitative, analysis, synthesis research methods.
International loumal of Scientific Research in Science and Technology (www.ijsrst.com) I Volume 11 I Issue 2
Pham Anh Dung et al Int J Sci Res Sci & Technol. March-April-2024,11 (2): 352-360
3.2. Cybersecurity risks and Protecting consumer (source: from EIOPA (2018) and Romanosky et al.
interests in online transactions (2019)).
Aseri (2021) mentioned risks for online shoppers:
Firs is Phishing: One of the most prevalent security
breaches affecting online shoppers are executed
through phishing. As the name purports, a user is lured
into giving his or her important passwords and credit
card details using a click bait. Phishing is a situation
where fraudsters transmit emails which they falsely
Then we can refer to European experiences in dealing
claim to be affiliated to highly reputed firms so as to
with cybersecurity crime:
extract an individual’s personal data. Phishing uses
Launching funding programs for companies and other
disguised emails as its main weapon, the goal being to
entities to support their transition to a secure Industry
trick a user with an urgent message such as a request
4.0 ecosystem, including financial support for joint
from the user’s bank requiring the user to download a
cyber security activities.
form. The malpractice can be categorized according to
Small and medium-sized enterprises are an important
the user’s intentions. It can be done to extract
driver of innovation and economic growth of the
important information from the client, by tailoring a
European Union member states. Therefore, in
message to resemble a bank. Phishing can also lure a
developed countries, enterprises are encouraged to
user into downloading malware, the files usually come
introduce innovations and R&D to secure
with .zip extensions or Office documents embedded
environments for new Industry 4.0 ICT, including their financial support is Commission Decision (C (2016)
components and systems. One of the instruments of 4400) of 5 July 2016 on the signing of a contractual
International loumal of Scientific Research in Science and Technology (www.ijsrst.com) I Volume 11 I Issue 2 355
Pham Anh Dung et al Int J Sci Res Sci & Technol. March-April-2024,11 (2): 352-360
arrangement on a public-private partnership for cyber situations and perspectives, emergency planning and
security industrial research and innovation between the interoperability; exchange, training and education of
European Union, represented by the Commission, and staff and experts of relevant authorities.
the stakeholder organization and Regulation (EU) No The presented recommendations concern broad
513/2014 of the European Parliament and of the possibilities to encourage undertaking and
Council of 16 April 2014 establishing, as part of the strengthening cross-border cooperation when applying
Internal Security Fund, the instrument for financial for EU funds. On the one hand, companies wanting to
support for police cooperation, preventing and implement innovative solutions regarding new ICT
combating crime, and crisis management and repealing technologies in Industry 4.0 and how to secure them.
Council Decision 2007/125 / JHA. From January 1, On the other hand, state institutions and bodies wishing
2014, to December 31, 2020, the following were to implement appropriate technological constructions,
allocated and awarded as part of the Facility: in proportion to the actions taken and the legal and
- measures to prevent and combat cyber crime, raising formal scope of their obligations in counteracting cyber
the level of security of citizens and businesses in crime, also to improve international jurisdiction when
cyberspace, in particular projects building the capacity it comes to developing countries or countries which are
of law enforcement and justice authorities, projects not members of the European Union.
ensuring cooperation with the industry sector to
empower and protect citizens, and projects improving IV. DISCUSSION
the ability to deal with cyber-attacks ;
- measures to increase the administrative and In our country we discuss relevant laws to protect
operational capacity of the Member States in the field of consumers:
critical infrastructure protection in all sectors of the Vietnam’s digital economy is projected to exceed US$43
economy, in particular projects promoting publicprivate billion by 2025 as the country continues to pursue
partnerships to gain trust and facilitate cooperation, projects in e-govemment, internet of things, smart
coordination, emergency planning and exchange and cities, financial technology, artificial intelligence etc.
dissemination of information and best practices With cyberspace blurring regional and national
between public and private entities. boundaries, Vietnam will likely face an increase in
The instrument should complement and strengthen cyber threats, and sophisticated attacks.
actions taken to develop cooperation between the In recent years, the Vietnam government had issued
relevant European Union bodies and the Member States numerous regulations in its effort to strengthen the
to achieve the objectives of the Instrument in the field local cybersecurity landscape, including:
of police cooperation, prevent and combating crime, • Directive No. 22/CT-BTTTT issued in May 2021 by the
and crisis management. Ministry of Information and Communications focused
The instrument supports actions taken in the Member on strengthening the prevention and combat of law
States, in particular actions to improve police violations and crimes on the Internet.
cooperation and coordination between law enforcement • Decision 1907/QD-TTg issued in 2020 which
authorities, including between relevant Union bodies, approves the Ministry of Information and
in particular Europol and Eurojust, joint investigation Communications raise awareness and disseminate
teams and any other form of joint cross-border knowledge about information security for 2021-2025.
operations, access to information, their exchange and • Prime Minister’s Directive No.l4/CT-TTg in June
interoperable technologies; networking, identification, 2019 enhanced safety measures on cybersecurity of the
exchange and dissemination of knowhow, experience, public sector whereby at least cybersecurity spend must
and best practices, information sharing, knowledge of account for 10% of an organisation’s total annual IT
International loumal of Scientific Research in Science and Technology (www.ijsrst.com) I Volume 11 I Issue 2
Pham Anh Dung et al Int J Sci Res Sci & Technol. March-April-2024,11 (2): 352-360
expenditure in 2020-2025. [3] , DVT Thuy, DTN Huy, VTK Anh, NN Thach,
• Personal Data Protection Draft Decree, once enacted HT Hanh. (2021). Quality of education of ethnic
is set to be the first comprehensive legislation on minority communities in vietnam- problems and
personal data. recommendations, Elementary Education Online,
These efforts have yielded positive results given in 20 (4)
2020, Vietnam ranked 25th out of 194 countries in [4] . D Thi Ngu, DT Huong, DTN Huy, PT Thanh,
Global Cybersecurity Index (GCI). This ranking is a ES Dongul. (2021). Language teaching application
significant improvement from 2018 and 2017 when to English students at master's grade levels on
Vietnam was placed in the 50th and 100th positions history and macroeconomic-banking
respectively. In addition, this result exceeded Vietnam’s management courses in universities and colleges,
target to enter the GCI’s top 30 countries in 2030 as per Journal of Language and Linguistic Studies 17 (3),
the Prime Minister’s Decision No. 749/QD-TTg dated 3 [1457J-1468
June 2020. [5] . DTN Huy. (2012). Estimating Beta of Viet Nam
(source: pwc.com). listed construction companies groups during the
crisis, Journal of Integration and Development 15
V. CONCLUSION (1), 57-71
[6] . Do Thu Huong, Dinh Tran Ngoc Huy, Nguyen
First, Clients/consumers are advised to be vigilant when Thi Hang ,Pham Thi Huyen Trang ,Duong Thi
conducting online transactions. When detecting that Ngu. (2021). Discussion on Case Teaching Method
the account has an abnormality or mistakenly in a Risk Management Case Study with
transferred or received, please contact the bank directly Econometric Model at Vietnam Listed Banks -
to solve it, do not bring it online to inquire, and do not Issues Of Economic Education for Students,
send the OTP password to any individual request. Review of International Geographical Education,
Currently, most banks use Smart OTP, biometric 11(5).
authentication..., customers should also switch to this [7] . DTN Huy. (2015). The critical analysis of
method, limit the use of receiving OTP passwords via limited south asian corporate governance
SMS to avoid being cheated. Second, to prevent online standards after financial crisis, International
risks clients need: Journal for Quality Research 9 (4),
- Not to provide personal information, bank account, [8] . DTN Huy, DTN Hien. (2010). The backbone of
OTP password, Internet banking and mobile banking European corporate governance standards after
username and password for strangers financial crisis, corporate scandals and
- Not to click on strange finks. manipulation, Economic and business review 12
(4)
VI. REFERENCES
[9] . D Thi Ngu, DT Huong, DTN Huy, PT Thanh,
ES Dongul. (2021). Language teaching application
[1] . DT Tinh et al. (2021). Doing Business Research
to English students at master's grade levels on
and Teaching Methodology for Undergraduate,
history and macroeconomic-banking
Postgraduate and Doctoral Students-Case in
management courses in universities and colleges,
Various Markets Including Vietnam, Elementary
Journal of Language and Linguistic Studies 17 (3)
education Online 20 (1)
[10] . DT Tinh, NT Thuy, DT Ngoc Huy. (2021).
[2] , Aseri, A.M. (2021). Security Issues For Online
Doing Business Research and Teaching
Shoppers, International Journal of Scientific &
Methodology for Undergraduate, Postgraduate
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and Doctoral Students-Case in Various Markets
International loumal of Scientific Research in Science and Technology (www.ijsrst.com) I Volume 11 I Issue 2 355
Pham Anh Dung et al Int J Sci Res Sci & Technol. March-April-2024,11 (2): 352-360
International loumal of Scientific Research in Science and Technology (www.ijsrst.com) I Volume 11 I Issue 2 355
Pham Anh Dung et al Int J Sci Res Sci & Technol. March-April-2024,11 (2): 352-360
International Journal of Scientific Research in Science and Technology (www.ijsrst.com) I Volume 11 I Issue 2